Cap-Ex Targets Initial Resource of 800 Million to 1 Billion Tonnes Grading Between 29% and 32% Iron at Block 103 With 2012 Drill Program Launch
Cap-Ex Ventures Ltd.
TSX VENTURE : CEV
FRANKFURT : X0V
OTCQX : CPXVF
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May 07, 2012 07:00 ET
MONTREAL, QUEBEC--(Marketwire - May 7, 2012) - Cap-Ex Ventures Ltd. (TSX VENTURE:CEV)(FRANKFURT:X0V)(OTCQX:CPXVF) ("Cap-Ex" or the "Company") is pleased to announce that the 2012 drilling program has commenced at its 100% owned Block 103 Property in northwestern Labrador, approximately 35 km northwest of Schefferville, Quebec.
The fully-funded, $10 million (CAD) program has been designed to consist of four rigs drilling a minimum of 15,000 metres and is primarily focused on the continued investigation and definition of mineralization in the Greenbush Zone, which covers an area of 26 square kilometres (Figure 1) and is part of the Company's Block 103 property. In particular, the program will focus on the central portion of this zone, which Cap-Ex expects to host the targeted initial mineral resource estimate which represents approximately 4 square kilometres or 15% of the Greenbush Zone.
The current drill program will target an initial resource of approximately 800 million to 1 billion tonnes with an average grade between 29% and 32% iron. The potential tonnage and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. These figures are reported as exploration targets based on the presence of mineralized drill holes, mineralized zones which are open in most directions, and geophysical anomalies from data received by Cap-Ex. The program will also focus on outlining the continuation of 259 metres of folded mineralization encountered in 2011 drill hole DDH103-44.
PROGRAM DETAILS
The 2012 exploration program has been designed to include a minimum of 15,000 metres of diamond drilling and additional surface sampling, focused primarily on the continued investigation and definition of mineralization in the Greenbush Zone. Drilling has commenced and will be completed using four diamond drills over an estimated five month period.
The results of the 2012 program will be used to support a National Instrument 43-101-compliant resource estimate on a portion of the Block 103 Property currently planned to be released by the end of 2012, and a preliminary economic assessment, planned to be released by the end of March, 2013.
Mr. François Laurin, President and CEO of Cap-Ex, stated: "Initiation of the 2012 exploration program is another major milestone achieved towards the publication of our initial mineral resource estimate by the end of 2012. We have the capacity, technical and financial resources to complete the drilling program required and we will soon move towards the engineering work required for the preliminary economic assessment analysis."
QUALIFIED PERSON
Alex Walus, P.Geo., an employee of the Company and a qualified person pursuant to National Instrument 43-101, has reviewed and approved the technical and scientific information in this news release.
ABOUT CAP-EX VENTURES LTD.
Cap-Ex Ventures Ltd. is a TSX Venture Exchange-listed company focused on the development of its Block 103 iron ore property in the Labrador trough, near the mining town of Schefferville, Quebec.
Through its exploration efforts Cap-Ex has revealed two primary zones of magnetite mineralization on its wholly owned Block 103 Property: the Northwest Zone and the Greenbush Zone. Both zones exhibited excellent drilling and assay results and have high potential to identify additional mineralization as several holes terminated in mineralization and, in most holes, mineralization started near surface and was open in all directions
The Block 103 property is strategically located close to existing railway to shipping port, and is adjacent to New Millennium Iron Corp.'s LabMag and KeMag deposits and the New Millenium-Tata oxide deposits to the east.
For additional information about Cap-Ex Ventures visit the company website at www.cap-ex.ca. Follow us on Facebook (Search Cap-Ex Ventures) or Twitter @CapExVentures.
CAP-EX VENTURES LTD.
François Laurin, President and CEO |
